The Toronto stock market enjoyed slight gains Thursday, even as the Bank of Canada issued a warning over the country's housing market and high levels of consumer debt.
The S&P/TSX composite index regained 17.47 points to conclude business Thursday at 14,909.60. The index is up more than 9% this year and has outperformed most other major global indexes.
The Canadian dollar tacked on 0.14 cents to 92.17 cents U.S.
Financials lost ground as Royal Bank fell 23 cents, or 0.3% to $74.63, and Toronto-Dominion Bank slipped 33 cents, or 0.6%, to $54.31.
Shares of energy producers climbed, with Suncor Energy jumping $1.15, or 2.6% to $45.35 and Canadian Natural Resources adding 79 cents, or 1.7%, to $47.03.
The materials sector, which includes mining stocks, reflected higher prices for commodities such as gold and silver.
Goldcorp was up 86 cents, or 3.3%, to $27.21, and Barrick Gold advanced 31 cents, or 1.7%, to $18.17.
Canadian Agriculture Minister Gerry Ritz lashed out at the United States for acting like a "schoolyard bully" on trade issues, and said he saw more promise in negotiating a bilateral deal with Japan than the more ambitious Trans-Pacific Partnership.
On the economic slate, Statistics Canada reported that its new Housing Price Index rose 0.2% in April, following identical increases in both February and March.
The Bank of Canada says in its latest semi-annual review that the housing market is showing signs of a soft landing, but it remains the biggest domestic risk facing Canada.
Although the probability of a sharp housing correction with prices is small, it says the consequences will be large for highly indebted households, some financial institutions and the economy in general.
ON BAYSTREET
The TSX Venture Exchange shot ahead 8.77 points to 997.97
All but four of the 14 Toronto subgroups were lower on the day, with health-care stocks sinking 2.5%, while global base metals issues weakened 1.7%, and the metals and mining group lowered 1.5%.
The four gainers were led by gold, up 2.9%, energy, better by 1.6%, and materials, 1.2% to the good.
ON WALLSTREET
Oil prices climbed Thursday as a Middle East conflict escalates, and the markets slid.
The Dow Jones Industrials plummeted 109.69 points to 16,734.19
The S&P 500 shed 13.78 points to 1,930.11, and the NASDAQ composite index plunged 34.30 points to 4,297.63.
Shares of Lululemon plunged over 15% after the maker of yoga apparel lowered its earnings outlook for this year. The company's board also approved a plan to buy back $450 million U.S. worth of stock, but that didn't appear to be helping much.
Lululemon also announced that chief financial officer, John Currie, will retire at the end of this fiscal year. On Wednesday, Chip Wilson, the yogawear company's founder and largest shareholder, said he voted against the re-election of two of the company's board members.
Shares of Tesla Motors turned lower after CEO Elon Musk announced that the company will not file patent lawsuits against competitors who use the company's electric car technology "in good faith."
Restoration Hardware shares soared more than 13% after the company reported earnings that beat analyst expectations. It's the latest luxury brand benefiting from increased consumer spending at the high end.
Twitter shares jumped 4% after the social media company said its chief operating officer, Ali Rowghani, had resigned. Twitter has struggled -- it's down over 41% this year -- but several analysts upgraded the stock this week.
Infosys slid on news that a new CEO was appointed to lead the IT services company.
The U.S. government said retail sales rose 0.3% in May, falling short of what economists had forecast. Separately, the number of Americans filing first-time unemployment claims rose more than expected, according to the U.S. Labor Department's weekly report.
Oil prices jumped nearly 2% today, after Islamist militants in Iraq took control of the nation's second-largest city. Crude futures on the New York Mercantile Exchange were trading above $106 U.S. per barrel, a high not seen since Sept. 2013.
The brazen attack by fighters from a group called ISIS is making commodity traders nervous as they consider how the turmoil could affect the country's large oil-producing areas.
Worries about higher oil prices hit the airline sector particularly hard. Delta, South West and United Continental were down more than 5%.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.59% from Wednesday’s 2.64%. Treasury prices and yields move in opposite directions
Oil prices gushed $2.39 to $106.69 U.S. a barrel.
Gold prices raced ahead $12.60 at $1,273.80 U.S. an ounce.
